Agency Information Collection Activities; Proposed Renewal; Comment Request; Renewal Without Change of Suspicious Activity Reporting Requirements by Brokers or Dealers in Securities and Futures Commission Merchants and Introducing Brokers in Commodities, 42556-42557 [2018-18077]
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amozie on DSK3GDR082PROD with NOTICES1
42556
Federal Register / Vol. 83, No. 163 / Wednesday, August 22, 2018 / Notices
programs and compliance procedures.1
Title III of the USA PATRIOT Act of
2001, Public Law 107–56, included
certain amendments to the anti-money
laundering provisions of Title II of the
BSA, 31 U.S.C. 5311 et seq., which are
intended to aid in the prevention,
detection, and prosecution of
international money laundering and
terrorist financing.
Regulations implementing Title II of
the BSA appear at 31 CFR Chapter X.
The authority of the Secretary of the
Treasury to administer Title II of the
BSA has been delegated to the Director
of FinCEN. The information collected
and retained under the regulation
addressed in this notice assists Federal,
state, and local law enforcement as well
as regulatory authorities in the
identification, investigation and
prosecution of money laundering and
other matters.
This request for comments is being
made pursuant to the Paperwork
Reduction Act (‘‘PRA’’) of 1995, Public
Law 104–13, 44 U.S.C. 3506(c)(2)(A). In
accordance with the requirements of the
PRA and its implementing regulations,
the following information is presented
concerning the information collection
below.
Title: Correspondent Accounts for
Foreign Shell Banks; Recordkeeping and
Termination of Correspondent Accounts
for Foreign Banks (31 CFR 1010.630).
OMB Control Number: 1506–0043.
Abstract: Covered financial
institutions are prohibited from
maintaining correspondent accounts for
foreign shell banks (31 CFR
1010.630(a)(1)). Covered financial
institutions that maintain correspondent
accounts for foreign banks must
maintain records of owner(s) of the
foreign bank and the name and address
of a person residing in the United States
who is authorized to accept service of
legal process for the foreign bank (31
CFR 1010.630(a)(2)). Covered financial
institutions may satisfy these
requirements by using the sample
certification on the FinCEN website:
(https://www.fincen.gov/sites/default/
files/shared/Certification%20
Regarding%20Correspondent
%20Accounts%20for%20
Foreign%20Banks.pdf) and recertification (https://www.fincen.gov/
sites/default/files/shared/Recertification
%20Regarding%20Correspondent
%20Accounts%20for%20Foreign%20
1 Language expanding the scope of the BSA to
intelligence or counter-intelligence activities to
protect against international terrorism was added by
Section 358 of the Uniting and Strengthening
America by Providing Appropriate Tools Required
to Intercept and Obstruct Terrorism Act of 2001,
Public Law 107–56.
VerDate Sep<11>2014
16:34 Aug 21, 2018
Jkt 244001
Banks.pdf). Records of documents relied
upon by a financial institution for
purposes of 31 CFR 1010.630 must be
maintained for at least five years after
the date that the financial institution no
longer maintains a correspondent
account for such foreign bank (31 CFR
1010.630(e)).
Current Action: Renewal without
change to the existing regulations.
Type of Review: Renewal without
change of a currently approved
collection.
Affected Public: Businesses and other
for-profit institutions.
Burden: It is estimated that 2,000
covered financial institutions maintain
correspondent accounts with 9,000
foreign banks. The estimated average
annual reporting burden associated with
certification is 180,000 hours (9,000
responses at 20 hours per response); the
estimated average annual reporting
burden associated with recertification is
45,000 hours (9,000 responses at 5 hours
per response); and the estimated average
recordkeeping burden associated with
section 1010.630(e) is 81,000 hours
(9,000 responses at 9 hours per
response).2 Total PRA burden for this
OMB Control number is 306,000 hours.
An agency may not conduct or
sponsor, and a person is not required to
respond to, a collection of information
unless the collection of information
displays a valid OMB control number.
Records required to be retained under
the BSA must be retained for five years.
Generally, information collected
pursuant to the BSA is confidential, but
may be shared as provided by law with
regulatory and law enforcement
authorities.
Request for Comments: Comments
submitted in response to this notice will
be summarized and/or included in the
request for OMB approval. All
comments will become a matter of
public record. Comments are invited on:
(a) Whether the collection of
information is necessary for the proper
performance of the functions of the
agency, including whether the
information shall have practical utility;
(b) the accuracy of the agency’s estimate
of the burden of the collection of
information; (c) ways to enhance the
quality, utility, and clarity of the
information to be collected; (d) ways to
minimize the burden of the collection of
2 FinCEN does not have an independent method
to research the exact number of foreign bank
certifications and recertfications in any given year
because depository institutions do not file the
model form with FinCEN and only provide the data
upon FinCEN’s request. Accordingly, FinCEN has
chosen to take an expansive approach in its
estimates of yearly certifications and
recertifications.
PO 00000
Frm 00098
Fmt 4703
Sfmt 4703
information on respondents, including
through the use of automated collection
techniques or other forms of information
technology; and (e) estimates of capital
or start-up costs and costs of operation,
maintenance and purchase of services to
provide information.
Jamal El-Hindi,
Deputy Director, Financial Crimes
Enforcement Network.
[FR Doc. 2018–18079 Filed 8–21–18; 8:45 am]
BILLING CODE 4810–02–P
DEPARTMENT OF THE TREASURY
Financial Crimes Enforcement Network
Agency Information Collection
Activities; Proposed Renewal;
Comment Request; Renewal Without
Change of Suspicious Activity
Reporting Requirements by Brokers or
Dealers in Securities and Futures
Commission Merchants and
Introducing Brokers in Commodities
Financial Crimes Enforcement
Network (‘‘FinCEN’’), U.S. Department
of the Treasury.
AGENCY:
Notice and request for
comments.
ACTION:
FinCEN invites comment on
the renewal of an information collection
requirement for the recordkeeping and
reporting of suspicious activities by
brokers or dealers in securities and
futures commission merchants and
introducing brokers in commodities.
DATES: Written comments are welcome
and must be received on or before
October 22, 2018.
ADDRESSES: Comments may be
submitted by any of the following
methods:
• Federal E-rulemaking Portal: https://
www.regulations.gov. Follow the
instructions for submitting comments.
Refer to Docket Number FINCEN–2018–
0009 and OMB control number 1506–
0019.
• Mail: Policy Division, Financial
Crimes Enforcement Network, P.O. Box
39, Vienna, VA 22183. Refer to Docket
Number FINCEN–2018–0009 and OMB
control number 1506–0019.
Please submit comments by one
method only. Comments will also be
incorporated to FinCEN’s retrospective
regulatory review process, as mandated
by E.O. 12866 and 13563. All comments
submitted in response to this notice will
become a matter of public record.
Therefore, you should submit only
information that you wish to make
publicly available.
SUMMARY:
E:\FR\FM\22AUN1.SGM
22AUN1
Federal Register / Vol. 83, No. 163 / Wednesday, August 22, 2018 / Notices
The
FinCEN Resource Center at 800–767–
2825 or electronically at frc@fincen.gov.
SUPPLEMENTARY INFORMATION: The Bank
Secrecy Act (‘‘BSA’’), Titles I and II of
Public Law 91–508, as amended,
codified at 12 U.S.C. 1829(b), 12 U.S.C.
1951–1959, and 31 U.S.C. et seq.,
authorizes the Secretary of the Treasury,
among other things, to require financial
institutions to keep records and file
reports that are determined to have a
high degree of usefulness in criminal,
tax, and regulatory matters or in the
conduct of intelligence or counterintelligence activities to protect against
international terrorism, and to
implement counter-money laundering
programs and compliance procedures.1
Title III of the USA PATRIOT Act of
2001, Public Law 107–56, included
certain amendments to the anti-money
laundering provisions of Title II of the
BSA, 31 U.S.C. 5311 et seq., which are
intended to aid in the prevention,
detection, and prosecution of
international money laundering and
terrorist financing.
Regulations implementing Title II of
the BSA appear at 31 CFR Chapter X.
The authority of the Secretary of the
Treasury to administer Title II of the
BSA has been delegated to the Director
of FinCEN. The information collected
and retained under the regulation
addressed in this notice assist Federal,
state, and local law enforcement as well
as regulatory authorities in the
identification, investigation and
prosecution of money laundering and
other matters.
The Bank Secrecy Act Suspicious
Activity Report, (‘‘BSAR’’) is used by
these entities to report suspicious
activity to FinCEN. This request for
comments also covers 31 CFR 1023.320
and 31 CFR 1026.320, and is being made
pursuant to the Paperwork Reduction
Act (‘‘PRA’’) of 1995.2 This renewal
pertains to the Office of Management
and Budget’s (‘‘OMB’’) approval of the
information collection requirement per
se imposed upon brokers or dealers in
securities and futures commission
merchants and introducing brokers in
commodities.3 OMB approval of the
allocated burden hours associated with
amozie on DSK3GDR082PROD with NOTICES1
FOR FURTHER INFORMATION CONTACT:
1 Language expanding the scope of the BSA to
intelligence or counter-intelligence activities to
protect against international terrorism was added by
Section 358 of the Uniting and Strengthening
America by Providing Appropriate Tools Required
to Intercept and Obstruct Terrorism Act of 2001,
Public Law 107–56.
2 Public Law 104–13, 44 U.S.C. 3506(c)(2)(A).
3 The Federal functional regulator for the
securities industry is the U.S. Securities and
Exchange Commission and, for the futures industry,
it is the Commodity Futures Trading Commission.
VerDate Sep<11>2014
16:34 Aug 21, 2018
Jkt 244001
these requirements (31 CFR 1023.320 4
and 1026.320 5), stemming from the
submission and record maintenance of
the BSARs themselves,6 is reflected in
the burden for the BSAR as approved
under OMB Control No. 1506–0065.
This splitting in the coverage of the
OMB numbers is a result of FinCEN’s
streamlining of SAR reporting into one
a single, unified format. Although the
means of reporting was consolidated
into a single reporting format covering
multiple industry sectors under OMB
Control No. 1506–0065, the reporting
requirements themselves are still
contained in separate rules covered by
various OMB control numbers.
Consequently, the burden listed in this
renewal under control number 1506–
0019 is estimated at one response and
one hour in order to avoid doublecounting the same burdens that have
already been included in the estimate
under control number 1506–0065.
In accordance with the requirements
of the PRA and its implementing
regulations, the following information is
presented concerning the information
collection below.
Title: Suspicious Activity Reporting
by Brokers or Dealers in Securities and
Futures Commission Merchants and
Introducing Brokers in Commodities.
(31 CFR 1023.320, and 31 CFR
1026.320.)
OMB Control Number: 1506–0019.
Abstract: This notice renews the SAR
reporting and recordkeeping
requirements for the above-mentioned
entities.
Form Number: FinCEN Form 111
(BSAR).7
Type of Review: Renewal of a
currently approved information
collection.
Affected Public: Businesses or other
for-profit institutions.
Frequency: As required.
Estimated Number of Respondents:
5,428.8
4 Reports by broker or dealers in securities of
suspicious transactions. Although the means of
reporting was consolidated into a single reporting
format covering multiple industry sectors, the
reporting requirements themselves are still
contained in separate rules covered by various OMB
control numbers.
5 Reports by futures commission merchants and
introducing brokers in commodities of suspicious
transactions.
6 The BSAR was approved by OMB under control
number 1506–0065. The BSAR is a single report
that replaced previous individual SAR forms for
depository institutions, casinos, money services
businesses, securities brokers or dealers, mutual
funds, futures commission merchants, introducing
brokers in commodities, and insurance companies.
7 See footnote 2.
8 According to the Securities Exchange
Commission’s 2017 Annual Report, there are over
4,000 registered broker-dealers; FinCEN will use the
PO 00000
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Fmt 4703
Sfmt 9990
42557
Estimated Total Annual Responses:
1.9
Estimated Annual Reporting and
Recordkeeping Burden: 1 hour.
An agency may not conduct or
sponsor, and a person is not required to
respond to, a collection of information
unless the collection of information
displays a valid OMB control number.
Records required to be retained under
the BSA must be retained for five years.
Generally, information collected
pursuant to the BSA is confidential, but
may be shared as provided by law with
regulatory and law enforcement
authorities.
Request for Comments: Comments
submitted in response to this notice will
be summarized and/or included in the
request for OMB approval. All
comments will become a matter of
public record. Comments are invited on:
(a) Whether the collection of
information is necessary for the proper
performance of the functions of the
agency, including whether the
information shall have practical utility;
(b) the accuracy of the agency’s estimate
of the burden of the collection of
information; (c) ways to enhance the
quality, utility, and clarity of the
information to be collected; (d) ways to
minimize the burden of the collection of
information on respondents, including
through the use of automated collection
techniques or other forms of information
technology; and (e) estimates of capital
or start-up costs and costs of operation,
maintenance and purchase of services to
provide information.
Jamal El-Hindi,
Deputy Director, Financial Crimes
Enforcement Network.
[FR Doc. 2018–18077 Filed 8–21–18; 8:45 am]
BILLING CODE 4810–02–P
number 4,200 as an estimate. According to the
National Futures Association, there are 64
registered futures commission merchants and 1,164
introducing brokers. Added together, the total
estimated number of respondents is 5,428.
9 As noted above under the SUPPLEMENTARY
INFORMATION section, the actual reporting and
recordkeeping burden of the regulations (31 CFR
1023.320 and 1026.320) is reflected in the burden
for the BSAR as approved under 1506–0065. Under
control number 1506–0019, the burden is estimated
at one response and one hour in order to avoid
double-counting the same burdens that have
already been included in the estimate under control
number 1506–0065.
E:\FR\FM\22AUN1.SGM
22AUN1
]]>Agencies
[Federal Register Volume 83, Number 163 (Wednesday, August 22, 2018)]
[Notices]
[Pages 42556-42557]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-18077]
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
Financial Crimes Enforcement Network
Agency Information Collection Activities; Proposed Renewal;
Comment Request; Renewal Without Change of Suspicious Activity
Reporting Requirements by Brokers or Dealers in Securities and Futures
Commission Merchants and Introducing Brokers in Commodities
AGENCY: Financial Crimes Enforcement Network (``FinCEN''), U.S.
Department of the Treasury.
ACTION: Notice and request for comments.
-----------------------------------------------------------------------
SUMMARY: FinCEN invites comment on the renewal of an information
collection requirement for the recordkeeping and reporting of
suspicious activities by brokers or dealers in securities and futures
commission merchants and introducing brokers in commodities.
DATES: Written comments are welcome and must be received on or before
October 22, 2018.
ADDRESSES: Comments may be submitted by any of the following methods:
Federal E-rulemaking Portal: https://www.regulations.gov.
Follow the instructions for submitting comments. Refer to Docket Number
FINCEN-2018-0009 and OMB control number 1506-0019.
Mail: Policy Division, Financial Crimes Enforcement
Network, P.O. Box 39, Vienna, VA 22183. Refer to Docket Number FINCEN-
2018-0009 and OMB control number 1506-0019.
Please submit comments by one method only. Comments will also be
incorporated to FinCEN's retrospective regulatory review process, as
mandated by E.O. 12866 and 13563. All comments submitted in response to
this notice will become a matter of public record. Therefore, you
should submit only information that you wish to make publicly
available.
[[Page 42557]]
FOR FURTHER INFORMATION CONTACT: The FinCEN Resource Center at 800-767-
2825 or electronically at [email protected].
SUPPLEMENTARY INFORMATION: The Bank Secrecy Act (``BSA''), Titles I and
II of Public Law 91-508, as amended, codified at 12 U.S.C. 1829(b), 12
U.S.C. 1951-1959, and 31 U.S.C. et seq., authorizes the Secretary of
the Treasury, among other things, to require financial institutions to
keep records and file reports that are determined to have a high degree
of usefulness in criminal, tax, and regulatory matters or in the
conduct of intelligence or counter-intelligence activities to protect
against international terrorism, and to implement counter-money
laundering programs and compliance procedures.\1\ Title III of the USA
PATRIOT Act of 2001, Public Law 107-56, included certain amendments to
the anti-money laundering provisions of Title II of the BSA, 31 U.S.C.
5311 et seq., which are intended to aid in the prevention, detection,
and prosecution of international money laundering and terrorist
financing.
---------------------------------------------------------------------------
\1\ Language expanding the scope of the BSA to intelligence or
counter-intelligence activities to protect against international
terrorism was added by Section 358 of the Uniting and Strengthening
America by Providing Appropriate Tools Required to Intercept and
Obstruct Terrorism Act of 2001, Public Law 107-56.
---------------------------------------------------------------------------
Regulations implementing Title II of the BSA appear at 31 CFR
Chapter X. The authority of the Secretary of the Treasury to administer
Title II of the BSA has been delegated to the Director of FinCEN. The
information collected and retained under the regulation addressed in
this notice assist Federal, state, and local law enforcement as well as
regulatory authorities in the identification, investigation and
prosecution of money laundering and other matters.
The Bank Secrecy Act Suspicious Activity Report, (``BSAR'') is used
by these entities to report suspicious activity to FinCEN. This request
for comments also covers 31 CFR 1023.320 and 31 CFR 1026.320, and is
being made pursuant to the Paperwork Reduction Act (``PRA'') of
1995.\2\ This renewal pertains to the Office of Management and Budget's
(``OMB'') approval of the information collection requirement per se
imposed upon brokers or dealers in securities and futures commission
merchants and introducing brokers in commodities.\3\ OMB approval of
the allocated burden hours associated with these requirements (31 CFR
1023.320 \4\ and 1026.320 \5\), stemming from the submission and record
maintenance of the BSARs themselves,\6\ is reflected in the burden for
the BSAR as approved under OMB Control No. 1506-0065. This splitting in
the coverage of the OMB numbers is a result of FinCEN's streamlining of
SAR reporting into one a single, unified format. Although the means of
reporting was consolidated into a single reporting format covering
multiple industry sectors under OMB Control No. 1506-0065, the
reporting requirements themselves are still contained in separate rules
covered by various OMB control numbers. Consequently, the burden listed
in this renewal under control number 1506-0019 is estimated at one
response and one hour in order to avoid double-counting the same
burdens that have already been included in the estimate under control
number 1506-0065.
---------------------------------------------------------------------------
\2\ Public Law 104-13, 44 U.S.C. 3506(c)(2)(A).
\3\ The Federal functional regulator for the securities industry
is the U.S. Securities and Exchange Commission and, for the futures
industry, it is the Commodity Futures Trading Commission.
\4\ Reports by broker or dealers in securities of suspicious
transactions. Although the means of reporting was consolidated into
a single reporting format covering multiple industry sectors, the
reporting requirements themselves are still contained in separate
rules covered by various OMB control numbers.
\5\ Reports by futures commission merchants and introducing
brokers in commodities of suspicious transactions.
\6\ The BSAR was approved by OMB under control number 1506-0065.
The BSAR is a single report that replaced previous individual SAR
forms for depository institutions, casinos, money services
businesses, securities brokers or dealers, mutual funds, futures
commission merchants, introducing brokers in commodities, and
insurance companies.
---------------------------------------------------------------------------
In accordance with the requirements of the PRA and its implementing
regulations, the following information is presented concerning the
information collection below.
Title: Suspicious Activity Reporting by Brokers or Dealers in
Securities and Futures Commission Merchants and Introducing Brokers in
Commodities. (31 CFR 1023.320, and 31 CFR 1026.320.)
OMB Control Number: 1506-0019.
Abstract: This notice renews the SAR reporting and recordkeeping
requirements for the above-mentioned entities.
Form Number: FinCEN Form 111 (BSAR).\7\
---------------------------------------------------------------------------
\7\ See footnote 2.
---------------------------------------------------------------------------
Type of Review: Renewal of a currently approved information
collection.
Affected Public: Businesses or other for-profit institutions.
Frequency: As required.
Estimated Number of Respondents: 5,428.\8\
---------------------------------------------------------------------------
\8\ According to the Securities Exchange Commission's 2017
Annual Report, there are over 4,000 registered broker-dealers;
FinCEN will use the number 4,200 as an estimate. According to the
National Futures Association, there are 64 registered futures
commission merchants and 1,164 introducing brokers. Added together,
the total estimated number of respondents is 5,428.
---------------------------------------------------------------------------
Estimated Total Annual Responses: 1.\9\
---------------------------------------------------------------------------
\9\ As noted above under the SUPPLEMENTARY INFORMATION section,
the actual reporting and recordkeeping burden of the regulations (31
CFR 1023.320 and 1026.320) is reflected in the burden for the BSAR
as approved under 1506-0065. Under control number 1506-0019, the
burden is estimated at one response and one hour in order to avoid
double-counting the same burdens that have already been included in
the estimate under control number 1506-0065.
---------------------------------------------------------------------------
Estimated Annual Reporting and Recordkeeping Burden: 1 hour.
An agency may not conduct or sponsor, and a person is not required
to respond to, a collection of information unless the collection of
information displays a valid OMB control number. Records required to be
retained under the BSA must be retained for five years. Generally,
information collected pursuant to the BSA is confidential, but may be
shared as provided by law with regulatory and law enforcement
authorities.
Request for Comments: Comments submitted in response to this notice
will be summarized and/or included in the request for OMB approval. All
comments will become a matter of public record. Comments are invited
on: (a) Whether the collection of information is necessary for the
proper performance of the functions of the agency, including whether
the information shall have practical utility; (b) the accuracy of the
agency's estimate of the burden of the collection of information; (c)
ways to enhance the quality, utility, and clarity of the information to
be collected; (d) ways to minimize the burden of the collection of
information on respondents, including through the use of automated
collection techniques or other forms of information technology; and (e)
estimates of capital or start-up costs and costs of operation,
maintenance and purchase of services to provide information.
Jamal El-Hindi,
Deputy Director, Financial Crimes Enforcement Network.
[FR Doc. 2018-18077 Filed 8-21-18; 8:45 am]
BILLING CODE 4810-02-P
